Foyston Gordon & Payne Inc Purchases 2,483 Shares of Broadcom Inc. $AVGO

Key Points

• Foyston Gordon & Payne Inc increased its holdings in Broadcom Inc. by 2.5% in the first quarter, now owning nearly 100,000 shares valued at $16.7 million.
• Institutional investors own approximately 76.43% of Broadcom's stock, indicating strong institutional interest in the semiconductor company.
• Broadcom recently announced a quarterly dividend of $0.59, which represents an annualized dividend yield of 0.8% and a payout ratio of 88.39%.

Foyston Gordon & Payne Inc raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,964 shares of the semiconductor manufacturer's stock after acquiring an additional 2,483 shares during the quarter. Broadcom accounts for about 4.1% of Foyston Gordon & Payne Inc's investment portfolio, making the stock its 8th largest holding. Foyston Gordon & Payne Inc's holdings in Broadcom were worth $16,737,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Nuveen LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $6,649,117,000. GAMMA Investing LLC boosted its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Broadcom by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock valued at $5,333,384,000 after buying an additional 4,550,647 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several research analyst reports. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. The Goldman Sachs Group restated a "buy" rating and set a $340.00 price objective on shares of Broadcom in a research note on Wednesday, August 13th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. raised their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $295.96.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 830,516 shares of company stock valued at $217,286,457. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

AVGO stock traded down $0.58 during mid-day trading on Monday, reaching $305.76. The company had a trading volume of 14,705,522 shares, compared to its average volume of 17,400,806. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.44 trillion, a P/E ratio of 114.52, a P/E/G ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a one year low of $134.90 and a one year high of $317.35. The stock's 50-day simple moving average is $279.50 and its two-hundred day simple moving average is $230.48.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $10.96 earnings per share. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.